NEW JERSEY—The New Jersey Economic Development Authority (EDA) and Citi’s Commercial Banking Group have launched the New Jersey Global Growth Financing Program, a program that will provide low-interest loans to New Jersey-based companies interested in engaging or already engaged in international trade. The program supports the Christie Administration’s focus on helping small and mid-size companies expand globally.
By providing up to $50M in term loans and lines of credit to New Jersey companies over the next three years, Citi will work with the EDA, which will offer guarantees on individual transactions of up to 50 percent of the Citi financing, not to exceed $1.5M for term loans and $500,000 for lines of credit. Eligibility requirements include being in business for at least two years and annual sales of $5M to $50M.
“Through our proactive outreach to the business community, we discovered a real need for competitively priced financing to help New Jersey companies expand globally,” said Lt. Governor Kim Guadagno. “The New Jersey Global Growth Financing Program will provide access to capital and international market expertise, helping New Jersey businesses remain competitive, expand their operations and create new jobs.”